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It's been announced the QE2 is going to be refurbished into a luxury five star floating hotel.

The cruise ship, which hosted kings, queens, presidents, prime ministers and celebrities throughout its legendary 40-year history, will depart from Dubai and arrive in COSCO Shipyard’s facility in Zhoushan, Zhejiang Province.

Once there, it will receive a thorough revitalisation and a makeover which is scheduled for completion by 2015.

The QE2 offers more than 500,000 square feet of usable space, in a structure roughly equivalent to any five-star hotel. The ship’s redevelopment is a once-in-a-lifetime opportunity for any interior design professional to create what will become one of Asia’s major waterfront tourist attractions. The goal for the final design is to preserve the soul of the QE2 — many of the original furnishings and much of the décor will be incorporated — while creating a modern luxury hotel.”

– Daniel Chui, President and Chief Executive of QE2 Holdings and Managing Director of Oceanic Group

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Video. The QE2 is to return to the seas after spending five years in Dubai. The ship, which made its maiden voyage from Southampton to New York in May 1969, is to set sail for China in October. She'll then be converted into a £60m luxury floating hotel.

The former Southampton-based cruise liner 'Queen Elizabeth 2' is to become a luxury hotel in Asia according to her Dubai owners. It was said that the QE2, as she is affectionately known - would be scrapped.

However in a surprise statement her owners said she will be taken to Asia to be renovated. The Port of Dubai had planned to turn the ship into a hotel for Dubai but the current financial situation meant it was not able to afford to do that.

According to the statement millions wil be spent turning the ship into a hotel and shopping mall. The owners say her heritage will be preserved.

The QE2 is now moored in Dubai, her fate currently in doubt Credit: Kamran Jebreili/AP/Press Association Images

There had been reports on Christmas Eve that the liner, bought by Dubai investment firm Istithmar for around $100 million in 2007, was about to be sold to a Chinese firm for scrap metal. Cunard Line reacted to the claims on the company's Facebook page. They said:

"We have noted the recent article in the Daily Mail with reference to QE2. We remain in close contact with Dubai and can reassure you that to the very best of our knowledge this story is pure speculation - our best advice would be to ignore the story."